Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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In one-input models, all technologically efficient production plans are economically efficient and vice versa.
Answer the following statement true (T) or false (F)
Which does the government not control directly?
a) Spending on health b) Spending on defence c) Firms' investment decisions d) Spending on state education
During the last two decades union membership as a percentage of the labor force has
A. been rising. B. stayed about the same. C. been declining.
A situation in which one nation produces good A using labor more intensively (relative to capital) than good B and a second nation, producing good A, uses capital more intensively (relative to labor) than good B is called:
A. a reversal of factor intensities. B. a paradox of factor intensities C. backward technology. D. micro intensity.